Europe Animal Healthcare Market Share was valued at USD 56.6 billion in 2019 and is expected to witness over 3.5% CAGR from 2019 to 2026.
The animal healthcare is a growing industry that takes care of the prevention and control of diseases in the animals. The efficient control and prevention of the diseases relies on the appropriate legislation, rapid response mechanism, and early detection of diseases. The government in various countries are taking up responsibility to ensure appropriate public and private alliances for better control of animal disease.
Get more details on this report - Request Free Sample PDF
Rising government support for pet care and the increasing adoption of animal healthcare services drives market for animal healthcare in Europe region. For instance, livestock insurance scheme is implemented in Europe to increase the efficiency of animal healthcare services. Also, the UK government has initiated a compensation for direct losses incurred due to outbreaks from the European compensation scheme and UK national budget. The initiatives further contribute to compel market growth in the region.
The animal healthcare market in Europe is on rise due to incidence of food borne and zoonotic diseases occurred due to livestock or companion animals. The increasing pet ownership and growing healthcare concerns of pets compel growth of animal healthcare market. Also, the rising demand for nutrition by pet owners will further augment the market growth in analysis timeframe.
Europe Market Share, By Product
Veterinary services segment held a significant growth of around 3.2% CAGR during analysis timeframe. The services protect health and welfare of the animals. Veterinary services include comprehensive preventive care services, emergency treatment service, pet traveling service, surgery service, and grooming service among others. Also, the increasing adoption of meat products tested for foodborne diseases compels the growth of the market. For instance, the EU ensures the certification for import of all meat products in the region. Thus, in order to comply with these regulations, the meat producers use veterinarians for monitoring, implementation, and certification of the meat products. This fuel the growth of segment during forecasting years.
Europe Market Growth, By Animal Type
Companion animals segment held around USD 32.5 billion revenue in 2019. The growing number of pet by individuals and fast-changing technological implications will suffice the growth of market. Furthermore, introduction of animal specific products and rising disposable income in the region augments market growth in the region.
Europe Market Value By Distribution Channel
Pharmacies segment is projected to show around 4.0% CAGR throughout the analysis timeline. This is attributed to growing emphasis on the health of companion and livestock. Also, increasing number of animal surgeries and presence of sophisticated and technologically advanced instruments in veterinary care will augment industry growth during the forecast period.
Europe Market Trends, By Country
Germany animal healthcare market is poised to exceed USD 7.0 billion by 2019 owing to increasing disposable income that causes interest in farm and companion animals. Also, increasing awareness about the significance of companion and farm health augments growth of animal healthcare market in the country.
Competitive Market Share
Some of the major industry players involved in Europe Animal Healthcare Market include Bayer AG, B. Braun Melsungen AG, Elanco, IDEXX Laboratories, among others. The companies are adopting various inorganic strategies such as product improvisations and collaborations and partnership to maintain market position. For instance, in September 2019, Boehringer Ingelheim obtained approvals from EMA (European Medicines Agency) for new therapeutic for Nexgard, Nexgard spectra, Broadline. This approval helped company to set standard in the industry and build a strong image.
The veterinary practice initially came into existence in 9,000 BC. The development of animal healthcare advanced pace in latter part of the 19th century. The emphasis on veterinary care was not given much importance in previous times. In early 1900s pets began to commonly receive medical care. The modern animal healthcare began in 1761 in Lyon, France. The improved vaccines, analgesics, anaesthetics, and cancer treatments to animals has begun since the past 20-30 years. The level of investment in research in Europe has reached an average of 8% reducing from 10% previously. This decline is attributed to socio-political debates, and unharmonized regulatory progress experiencing a decline in R&D investment. However, advancements in veterinary diagnostics and technology continue to improve ability for early detection of diseases in the European region.